and defaults to landlords and lenders render them insolvent.
Many economists were shocked, as was the political and policy class in Washington, by the most recent jobs report, which showed a 2.5 million increase in the number of workers on payrolls from April to May this this year. Moving past the rough calculation above, we can derive further confidence in the size of the swing in payrolls due to "re-payrolling" by looking at the amount of PPP funds actually disbursed, which leveled off — according to the Small Business Administration —Back in May, employers knew that 25% of that could be applied to rent and other operating expenses, so that brings the number down to $384 billion.
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